Gasoline prices will go up while diesel and kerosene prices will be reduced starting Tuesday morning.
Oil firms announced Monday it will jack up gasoline prices by P3.95 per liter. However, they will slash diesel price by P2.30 per liter and kerosene by P2.45 per liter.
The oil price adjustment takes effect at 6 a.m. of May 24.
This was announced on Monday afternoon by Seaoil, Phoenix, PTT, Total, Unioil, Caltex, Petron, and Shell. Cleanfuel said it will implement its price adjustment at 8:01 a.m.
Last week, gasoline prices went down by P0.40 per liter, diesel by P3.10 per liter, and kerosene by P2.10 per liter. These resulted to the year-to-date adjustments to stand at a net increase of P21.60/liter for gasoline, P31.40/liter for diesel and P27.65/liter for kerosene.
Oil firms adjust their prices weekly to reflect movements in the world oil market.
Image credits: Nonie Reyes